BUS 205 Lecture Notes - Lecture 49: Damages, Liquidated Damages, Uniform Commercial Code
Document Summary
Statute of frauds; & parol evidence (totally integrated contract) Unable to introduce any agreement/promise made outside of the contract. Almost all contracts are discharged due to full performance. When there"s nothing left to do and it is fully fulfilled. One party sought to recind the contract and the court agreed. Might be because of fraud, or unconsciable, lack of capacity, duress. The contract price minus the cost of the breach. The nonbreaching party can seek recission or compensatory damages. Difference between compensatory damages and recission & restitution. Places the nonbreaching party where they were before they ever signed the contract. Places the nonbreaching party in the place they would have been in if the contract were fully performed. If there is something the nonbreaching party can to minimize (mitigate) the harm to them, they need to do so. Damages that arise outside of the contract and are foreseeable.
